Cryptocurrency Mega Thread

[Guest luigo]

I keep getting my BTC trades rejected with no explanation other than'rejected sorry'. Are people coming across the same issue?

 

I raised a ticket with the support desk and apparently the reason for the rejections is that the market was in an 'un-longable' state at the time I attempted my trades. I don't understand why, if the market is open, we are not allowed to place a long position.

 

It almost feels like trades are not allowed when they have a high probability of being winners?

 

Keen to hear if anyone is experiencing this problem.

 

[Benny]

Yes I've been having the same issue.

 

Perhaps IG should introduce some sort of alert function to notify us of when unlongable/shortable restrictions are removed.

[Caseynotes]

Bloomberg article points out some problems ahead for bitcoin.

 

https://www.bloomberg.com/gadfly/articles/2017-11-08/blockchain-bitcoin

 

[Caseynotes]

Straight forward Moneyweek article (June) on ways to buy bitcoin or bitcoin derivatives in the UK. 

 

https://moneyweek.com/how-and-where-to-buy-bitcoins-in-the-uk/

 

 

 

[Caseynotes]

Big scam report from Canada involving Bitcoin ATM's . 45 people lose $340,000.

2 points, caller id on your phone can be faked, and scammers are demanding payment into a Bitcoin ATM.

 

https://www.financemagnates.com/cryptocurrency/news/scared-vulnerable-canadian-victim-lost-12000-bitcoin-atm-scam/?utm_content=buffer59108&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

 

[Guest anders]

Ouch on the scam! As well as placing leaflets at the bitcoin ATMs, the police should be placing leaflets in banks saying, "don't withdraw your savings and give them to a stranger".

[Caseynotes]

Bloomberg guest piece on Bitcoins recent price moves and a problematic future.

 

https://www.bloomberg.com/news/articles/2017-11-13/bitcoin-s-boom-is-unsustainable-in-more-ways-than-one?utm_content=markets&utm_campaign=socialflow-organic&utm_source=twitter&utm_medium=social&cmpid%3D=socialflow-twitter-markets

 

[Caseynotes]

Bloomberg article on bitcoin emerging as a replacement for gold as a safe haven during crisis.

 

https://www.bloomberg.com/news/articles/2017-11-17/bitcoin-emerges-as-crisis-currency-in-hotspots-such-as-zimbabwe?utm_content=markets&utm_campaign=socialflow-organic&utm_source=twitter&utm_medium=social&cmpid%3D=socialflow-twitter-markets

 

 

 

 

[Caseynotes]

Around 1 million bitcoins have been stolen from exchanges since 2011 Reuters calculate.

Article on hacking and collapsed exchanges.

 

https://japantoday.com/category/business/Twice-burned-How-Mt-Gox's-bitcoin-customers-could-lose-again

 

 

 

 

 

[Caseynotes]

Bloomberg put recent bitcoin slump as a result of security concerns after another big theft, $31 million worth taken from the Tether Treasury wallet.

(also see previous post on bitcoin theft)

 

 https://www.bloomberg.com/news/articles/2017-11-21/bitcoin-falls-after-31-million-theft-of-cryptocurrency-tether 

 

 

[Caseynotes]

NY Times piece on the increasing concerns around crypto exchanges re; hacking and security, disclosure and business models.

 

https://www.nytimes.com/2017/11/21/technology/bitcoin-bitfinex-tether.html

 

 

 

[Guest anders]

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Caseynotes wrote:

NY Times piece on the increasing concerns around crypto exchanges re; hacking and security, disclosure and business models.

 

https://www.nytimes.com/2017/11/21/technology/bitcoin-bitfinex-tether.html

 

 

 

---

An interesting article about Bitfinex, I'll definitely continue to avoid them. When you look at what happened at say Equifax, or remember the Bangladesh Bank losing $101 million to hackers, it is any surprise there are also badly run and poorly secured exchanges. It's a shame they don't offer any constructive advice about how to invest safely in the article.

 

[getrichquik]

James, why is trading in cryptos frozen sometimes? What if want to liquidate a position and its low volume?

[JamesIG]

---

getrichquik wrote:

James, why is trading in cryptos frozen sometimes? What if want to liquidate a position and its low volume?

---

Hi  - if you were in a position you would be able to close your deal (provided the market was open on IG). The 'unlongable' and 'unborrowable' rejections would only stop a new trade being booked onto an account. I hope this clarifies things. 

[Guest flippyflappy]

What would be useful is if we could get a notification when trading crypto currencies is frozen and then unfrozen. At the moment I just have to keep checking manually on each of the ones I want to trade

[Guest Sashiom]

James I’m new here. How often does the buy option become unavailable ? When are you expecting it to come back.

[Guest DANNYM]

It's back on, as of one hour ago

[Guest Sashiom]

Thanks......didn’t last long did it ??

[Caseynotes]

See, bitcoin is nothing compared to tulips. Bit worried about the back half of those charts though.

 

[Caseynotes]

IG and Plus 500 wary of an SNB type event hitting bitcoin. Article by Financemagnets.

 

Also see previous post in thread. 

 

 

https://www.financemagnates.com/forex/brokers/analysis-two-major-bitcoin-cfd-providers-raise-red-flags-snb-type-event/

 

 

 

 

[Guest luigo]

Optimising their offerings means making the markets 'unlongable' and therefore untradable?

[Caseynotes]

Bitcoin has an SNB moment (see previous posts) losing 18% in just a few hours.

 

https://www.cnbc.com/2017/11/29/bitcoin-plunges-18-percent-after-topping-11000-in-extremely-volatile-trading.html

 

[Caseynotes]

Lol, could these two stories be related? About the same time as a sudden 18% drop in btcusd was the news that the US IRS have ordered Coinbase to report users.

 

https://www.theverge.com/platform/amp/2017/11/29/16717416/us-coinbase-irs-records

 

[Guest Chrisjoe]

If I have a position in Etheruem and my stop or limit isn't hit, will it rollover until tomorrow?

[JamesIG]

---

Chrisjoe wrote:

If I have a position in Etheruem and my stop or limit isn't hit, will it rollover until tomorrow?

---

 - yes - all positions will remain open until you either close the position, your stop is hit, or your losses on the account cause margin issues which would cause the position to close. We don't 'roll' positions (close and reopen) they simply stay open until the above criteria are hit. 

[Guest fmradio05]

What are the trading hours of cryptos? Cryptos are running 24 by 7.

[Guest Savvyscot]

Agree. Been trying to set up buy orders for over 20mins now...market moving alot and i cant get in. Frustrating! Alerts as to when one can place an order would save a lot of time.

[Guest fmradio05]

Haha, Now I found another issue when I think it was brought up in the past too, I am sorry I know I should read up. I tried to buy btc when it was tradiing at 10800 this morning when it was an obvious gain and guess what, I got a "You cannot currently buy this market to open a position" error popped up. Some smart algorithm knew that a lot of people "fomoing" (fear of missing out) and the system rejected my buy order! and for goodness sake, You all are already charging 0.0416% parking fees for each day and why are u all rejecting our longs? I find its quite ridiculous.

[Guest Debzella]

Which other platforms would you recommend please?

IG hopeless that we can't buy when most beneficial to!

[Guest Savvyscot]

And it happened again half hour ago when bitcoin dipped. This does seem like a deliberate automated action whenever price dips to a very potentially profitable level. A possible solution iv found - being a savvy scot - is to have orders in the background (granted it eats up your balance with the margin). When price looks good edit to a price that will execute immediately. Voila!